Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.54B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.16%.
Starting with 9.54B and growing at 27.16%
for 5 years, we estimate Free Cash Flow will be
31.72B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 391.76M.
We will project this out 5 year(s) with a growth rate
of 0.03%.
Estimated Diluted Shares Outstanding: 392.34M.
Step 3: Project Future Stock Price
Using a price ratio of 15.68, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(31.72B ÷ 392.34M) × 15.68 =
$1267
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.38.
Projected over 5 years with a growth rate of
22.77%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.523375933440377.
Step 5: Discount the Projected Stock Price
Projected stock price: $1267.
Including dividends, total future value: $1278.52.
Discounted at 10% per
year over 5 years → Fair Value:
$793.
